wills, trusts & estates

Mark Reynolds Solicitors Launches New Wills And Probate Division

Mark Reynolds Solicitors have announced the expansion of its Wills, Trusts and Estates Department with the addition of specialist legal support for elderly clients.

The new Elderly Client service will be led by Wills and Probate expert Carl Marston. Carl, who served as regional Chairman of Solicitors for the Elderly in the Cheshire and Staffordshire District, has over 20 years of experience in this field. He has written extensively on the subject and offers free seminars to organisations and support groups with an interest in wills and probate planning.

Carl said: “It’s widely accepted that people are living longer, but fewer than than half of adults are thought to have set up a Will. I completely understand people put off making a Will, but without it there could be serious implications both financial and personal for your surviving spouse or partner. In the absence of a Will, you may not be able to leave money and possessions to the people who mean the most to you. Getting your Will properly prepared gives peace of mind and ensures you to know your loved ones will be taken care of when you die.”

The continued growth of the firms Wills, Trusts and Estates Department underpins Mark Reynolds Solicitors’ commitment to the provision of legal services specifically for retired and older people. The team now provides a range of Elderly client services which include the formation and management of trusts, powers of attorney, Court of Protection, asset protection as well as care home fees planning and challenges to care fees.

Carl said: “This is a very complex area so it’s really important that people know they are working with a team of specialist solicitors who will put their needs first. Our approach is to help our clients navigate the law and get the very best outcome for themselves and their loved ones.”

The launch of the Wills, Trusts and Estates Department and the new elderly client services is the next step in the continued growth of Mark Reynolds Solicitors. The firm now has five offices across Liverpool, Runcorn, Warrington and Leigh, with divisions covering Personal Injury, Medical Negligence and Employment Law. Carl is based out of the Warrington office but works across the north west region.

consultancy agreement

Does My Business Need A Consultancy Agreement

If you run a business and are considering taking on a consultant, you will need to get a suitable contract in place to protect all concerned. When you draw up a consultancy agreement, you can put clear terms and conditions in place, whether the consultant is a company or an individual. A growing number of companies are taking on consultants, with the gig economy consisting of not just consultants but a wealth of freelancers and contractors.

The rise of the consultant

Consulting is much more prominent than it was a decade or so ago. Consultants no longer simply come in the form of IT professionals and management professionals. A wide range of industries are now home to consultants providing various services. The agreement that you create should clearly describe the services that the consultant is expected to provide, also making it clear what duties will not be carried out as part of the arrangement. This can help prevent a great deal of confusion and assumption arising from the business-consultant relationship.

What to include in your agreement

The agreement should also include detailed information about payment terms. It should include details on how much will be paid, how often and when the payment will be made. The invoicing process must reflect the terms of the agreement. The agreement should also consist of information on intellectual property rights, including details on whether the consultant has any legal right to the IP created. The specific business relationship also needs to be outlined in the contract to ensure the consultant cannot expect to be paid as an employed member of staff would, receiving sick and holiday pay unless this has been specifically agreed as part of the arrangement.

Bespoke agreements available

The contents of the agreement will need to be specific to your arrangement, which means off-the-shelf agreements and templates are rarely suitable for such projects. Help is available if you do need assistance with drawing up a suitable contract for your business-consultant relationship. At Mark Reynolds, we have vast experience in creating consultancy agreements and can help you produce a legally-binding document that all concerned are satisfied with. Those that fail to adhere to the terms of a legally-binding consultancy agreement can be met with legal action including claims for breach of contract or negligence.

Comply with legislation and avoid breaches

We have the experience and expertise needed to help you comply with employment laws and avoid tough penalties. We provide first-class services for a wide range of company owners, HR professionals, managers, executives and senior employees and can come to your assistance whether you’re an SME or large corporation. With our help, you can avoid disputes, penalties and Employment Tribunal Claims. Other employment services available from Mark Reynolds include policy drafting, redundancy advice, training, representation and advice on disciplinary issues, grievances, contracts, handbooks, settlements and termination agreements.

Contact us

To find out more about producing a consultancy agreement with Mark Reynolds, simply get in touch by completing the form on our website or by calling 0800 002 9577.

Mity o roszczeniach o odszkodowanie

Jeżeli ufasz nagłówkom gazet, to być może jesteś zdania, że mieszkańcy Wielkiej Brytanii to naród, który składa roszczenie o odszkodowanie przy każdej okazji. Jednakże w rzeczywistości, wszystkie reklamy i ogłoszenia zachęcające ludzi do składania roszczeń przedstawiają zupełnie inny stan rzeczy. Dział prawa zajmujący się odszkodowaniami w Wielkiej Brytanii jest stosunkowo niewielki i w związku z tym, wszystkie reklamy są skierowane do nielicznego grona osób.

Personal Injury and Clinical / Medical Negligence Lawyer

Dane opublikowane przez rząd pokazują, że ilość spraw o odszkodowanie spadła w ostatnich dwóch latach. W 2017 roku liczba porozumiem w sprawach odszkodowań zarejestrowanych przez the Government Compensation Recovery Unit wyniosła 1,013,490. W 2018 roku liczba ta spadła do 894,563. W 2019 zarejestrowano tylko 853,259. Uznaje się, że liczby te dotyczą tylko niewielkiej ilości osób, które mają podstawy do złożenia roszczenia o odszkodowanie, które zakończyłoby się sukcesem.

Mieszkańcy Wielkiej Brytanii nie lubią niepotrzebnej uwagi

Mieszkańcy Wielkiej Brytanii nie są skłonni do szybkiego rozpoczynania roszczenia o odszkodowanie kiedy doznali poważnych urazów. Informacje zebrane na przestrzeni wielu lat wskazują na istnienie kilku kluczowych trendów. O ile jedna czwarta społeczeństwa przyznaje, że rozpoczęliby roszczenie o odszkodowanie, ponad 80% uważa, że inni mają prawo do rozpoczęcia roszczenia. O ile zakończenie finansowania prowadzenia spraw o odszkodowanie w ramach programu Legal Aid zmniejszyło ilość spraw, inne czynniki również mają wpływ na opinie społeczeństwa.

‘Kultura odszkodowań’ nie istnieje

Artykuły w mediach skupiają się głównie na sprawach, które nie stanowią adekwatnej reprezentacji roszczeń z zakresu doznanych urazów ciała. Media bardzo rzadko wspominają o codzienniej, ciężkiej pracy, która pomaga w uzyskaniu właściwego odszkodowania dla osób, których życie ulego zmianie w wyniku odniesionych urazów.  Osoby te, muszą zmierzyć się z emocjonalnymi, finansowymi i zawodowymi konsekwencjami doznanych urazów. Rozbieżność pomiędzy rzeczywistością i artykułami prasowymi, może sugerować, że osoby składające roszczenia są chciwe lub nieczciwe. Jest to niesprawiedliwa opinia, oparta na zniekszatalconej analizie dostępnych informacji. Odszkodowanie ma na celu upewnienie się, że osoby, które były ofiarami wypadku mogą odbudować swoje życie.

Obawa przed stawieniem się w sądzie

Przekonanie, że aby uzyskać odszkodowanie, trzeba iść do sądu, jest szeroko rozpowszechnione. Powoduje to nieuzasadniony starch, który zniechęca ludzi do złożenia roszczenia. W rzeczywistości, znakomitą większość spraw kończy się na ugodzie, bez potrzeby udania się na salę rozpraw. W przypadku tych nielicznych spraw, gdzie Powód musi udać się do sądu, towarzyszyć mu będzie zawsze wyspecjalizowany adwokat. Adwokat również na samym początku sprawy oceni prawdopodobieństwo skierowania sprawy do sądu, tak więc klient będzie mógł podjąć decyzję po uzyskaniu wszystkich informacji.

Wysoki koszt prowadzenia roszczenia

Wiele osób obawia się, że rozpoczęcie roszczenia będzie wiązało się w wysokimi kosztami na początku sprawy, które będą musieli ponieść. Zniesienie pomocy w ramach Legal Aid w sprawach o odszkodowanie tylko wznocnilo te obawy. Istnieje również lęk, że jeżeli sprawa nie zakończy się powodzeniem, będą musieli zapłacić koszta prawne adwokata, na które ich nie stać. W ramach umowy typu No Win No Fee, prowadzenie sprawy jest wolne od ryzyka finansowego dla Powoda. Jeżeli adwokat uzna, że sprawa ma małe szanse powodzenia, to nie będzie zachęcał do rozpoczęcia roszczenia. Tylko jeżeli sprawa zakończy się sukcesem, koszty prawne zostaną potrącone z odszkodowania. Będą one stanowiły określony procent wysokości odszkodowania i kwestia ta będzie zawsze omówiona i uzgodniona przez rozpoczęciem sprawy.

Sprawy o odszkodowanie są skomplikowane

Istnieje opinia, że wszelkie sprawy związane z prawem są skomplikowane. Zwłaszcza, jeżeli chodzi o sprawy o odszkodowanie. W rzeczywistości procedura nie jest skomplikowana. Adwokat również wytłumaczy procedurę krok po kroku, wyjaśni wszystkie aspekty postępowania bez zbędnego żargonu prawniczego. Nawet jeżeli zdecydujemy, że niestety nie możemy zająć się sprawa, to zawsze wyjaśnimy dlaczego w jasny i przystępny sposób.

Możesz stracić pracę, jeżeli rozpoczniesz roszczenie

Jest to jedna z największych obaw wśród osób, które mogą rozważyć rozpoczęcie roszczenia o odszkodowanie. Pracownicy matrwia się, że pracodawca może podjąć decyzję o zwolnieniu pracownika, który rozpoczął roszczenie o odszkodowanie po wypadku w miejscu pracy. Należy podkreślić iż byłoby to nielegalne. Zwolnienie z pracy podlega bardzo restrykcyjnym regulacjom prawnym i zwolenienie pracownika lub niesprawiedliwe traktowanie pracownika, z uwagi na roszczenie o odszkodowanie za wypadek w pracy jest nielegalne. Jeżeli pracodawca postępuje w ten sposób to może ponieść dodatkowe konsekwencje prawne. W rzeczywistości, wielu pracodawców wyraża skruchę za wypadki z udziałem cenionych członków zespołu i robią wszystko co jest możliwe, aby pracownik otrzymał sprawiedliwe odszkodowanie. Celem roszczenia o odszkodowanie powinno być uzyskanie wyniku, który zarówno pracownik jak i pracodawca mogą zaakceptować.

Dużą firma zawsze wygra

Istnieje rozpowszechnione przekonanie, że duże firmy mają prawników w kieszeni i zawsze wygrają sprawę o odszkodowanie. W rzeczywistości, nawet największe firmy w Wielkiej Brytanii zawierają ugody w sprawach o odszkodowanie i są traktowane przez sądy w taki sam sposób jak lokalny sklep spożywczy lub mechanik samochodowy. Anglia i Walia mają najbardziej szczegółowe i wszechstronne prawo na świecie, obejmujące różne okoliczności. Nie ma znaczenia czy pracodawca znajduje się na liście FTSE 100, czy jest to lokalny samorząd czy też właściciel małego przedsiębiorstwa. Prawo zapewnia wszystkim taka sama ochronę.

Odszkodowanie za doznane urazy ciała podlega opodatkowniu, więc nie warto zaczynać

Jest to kolejny mit. Często słyszymy, że odszkodowanie za doznane urazy ciała podlega opodatkowaniu. Nie jest to prawda. Odszkodowanie jest wolne od podatku.

Porozmawiaj z adwokatem

Niestety szeroko rozpowszechnione mity na temat odszkodowac zniechęcają ludzi do wykonania pierwszego kroku, czy byłaby to rozmowa telefoniczna czy też krótki email z pytaniem. Adwokaci specjalizujący się w sprawach o odszkodowania za doznane urazy ciała będą w stanie udzielić porady jakie kolejne kroki można podjąć. Jest ważne, aby wszystkie mity zostały zignorowane, aby osoby które są uprawnione do uzyskania odszkodowania nie zostały pozbawione tej szansy.

Oferujemy bezpłatną, obiektywna poradę na temat roszczeń o odszkodowania za doznane urazy ciała. Skontaktuj się z nami dzisiaj i uzyskaj poradę.

GDPR

What is GDPR? How to Comply With the New Law

The new General Data Protection Regulation rules have just come into force and are designed to ensure organisations obtain data about individuals fairly. The new data protection rules have resulted in scores of e-mails finding their way into our inboxes and require “genuine consent” which is why so many people on mailing lists are being asked to opt-in to receive further digital communications. Businesses who fail to comply with the new legislation may be met with substantial fines should data fall into the wrong hands.

Greater accountability

The new rules were first proposed in 2012 and replace the 1995 Data Protection Directive. The rules have been created to make organisations more accountable with regards to how personal data is collected and processed. Data breaches must be reported within 72 hours. Article 8 of the Charter of the Fundamental Rights of the European Union stets that people have a fundamental right when it comes to personal data protection. Fines of up to 4% of annual global turnover or $20 million could be handed to those that fail to comply with GDPR. Individuals whose rights are breached will be entitled to compensation. Organisations must now respond to requests to obtain information held about individuals within just one month. Individuals now have a “right to be forgotten”, which means personal data can be destroyed if it is no longer needed or was processed illegally. Individuals can withdraw the consent given to process their data at any point. Organisations are no longer permitted to charge for data requests, though it is no longer necessary to register with the Data Protection Commission.

How to avoid penalties

Should the Data Protection Commission decide to assess how your organisation processes data, you must be able to show how you are complying with the legislation. Data controllers are being urged to review and enhance their processes for risk management and review their privacy notices. The language used in privacy policies must be straightforward, and policies must be easy to locate on your site. Visitors to your site have a right to know whether you share data with third parties and why it is shared. Many organisations have taken the step of recruiting data protection officers to avoid unwittingly breaking GDPR rules. Companies are being advised to carry out data protection and privacy impact assessments and to prioritise individual’s privacy at the start of each of their projects and products.

Benefits of GDPR for individuals

Individuals can also ask for their personal information to be corrected should it be inaccurate or incomplete. Another benefit of GDPR for individuals is that organisations are now working harder to improve customer satisfaction regarding how they process personal data. You may start to receive far fewer spam emails and unsolicited phone calls and find that privacy notices are much more transparent than they were previously.

Contact Mark Reynolds

At Mark Reynolds Solicitors, we are able to provide specialist legal advice and representation in various fields. If you need any further advice about GDPR, call now on 0800 002 9577.

What Counts As Medical Negligence?

Not a day goes by without signs of stress in the UK’s medical services. In 2018, the term ‘NHS crisis’ is now being described as a ‘year-round crisis’ by The Guardian. Medical services in the UK are always criticised in the media for being underfunded, understaffed, and overwhelmed. In what is supposed to be a smooth-running, beneficial service for all UK citizens, these factors combine to cause accidents and problems that are paid for by you, the patient. Whether you receive medical treatment via the NHS or privately, you should not have to pay for mistakes and damages to you, especially when they were not your fault. If people make mistakes during your treatment, filing a medical negligence claim could be the answer to receiving fair compensation for the harm caused to you.

 

The purpose of a medical negligence claim is to get compensation for a personal injury or any suffering you experienced due to the negligence of a medical organisation or an individual. Medical organisations and professionals have a duty of care to you during your treatment. In most cases, medical professionals are honest and want to help you receive the best treatment, but accidents do happen. Sometimes, these aren’t mistakes that you can brush off and put down to innocent human error. Medical professionals have the power to change someone’s life forever in a matter of minutes. Most of the time this is for the better. The power of modern medicine is astonishing. But sometimes these mistakes can change someone’s life for the worse, leaving them with a reduced quality of life or acute mental and physical pain.

 

Medical negligence includes any treatment or care that was substandard. This is not measured by what you think your level of care should have been. Rather, it is a more objective measure of the care you could have reasonably expected. This takes into account the circumstances surrounding your treatment and how severe your medical condition was at the time of the incident — creating a fair base for any claims made. If you experienced anything below a standard of care that is within the law and found reasonable, you could be entitled to claim compensation. This is where the solicitors come in.

 

Law professionals can help you determine whether you experienced medical negligence and whether you have a case. There are a few things to be aware of if you want to make a medical negligence claim. The first is timescale. There are strict time limits when making a medical negligence claim. It must be made within three years of the accident or negligent act, or the date that you first became aware of the defendant. The timescale may be extended if the injury you received from negligence was significant. These rules stand unless the claimant is granted an exception to put the case forward by the court — but this is rare.

 

Mark Reynolds Solicitors have experience in dealing with medical negligence claims and will help you receive the compensation you deserve. Contact one of our solicitors today on 0800 002 9577. Our solicitors have undertaken the highest standard of training in medical negligence claims, and they will be happy to review your case.

medical appointment doctor healthcare

writing a will

What Can and Can’t Your Lasting Power of Attorney Do?

When assigning a lasting power of attorney, it’s important that both you and your representative are clear on what decisions they can and cannot make on your behalf.

More people than ever are now opting to appoint a trusted person as their power of attorney, to protect their finances and/or health should they lose the mental capacity to make important decisions themselves (or need help doing so) in the future.

A lasting power of attorney is usually appointed whilst a person is still able to make their own decisions as a precaution for the future.

Many people choose to appoint a power of attorney because it gives them peace of mind that someone that they trust will be taking care of their affairs should they lose the ability to do so themselves.

Different types of lasting power of attorney

It’s important to note that there are different types of lasting power of attorney; those that look after finances and property, and those that take care of your health and welfare.  For many people, these will be one and the same person, but others may wish to assign a different person to each.

Financial and property POA

What can they do?

  • Sell, buy and rent out property
  • Manage bank and building society accounts
  • Pay bills and buy items required
  • Claim benefits, tax credits and pensions
  • Look after your tax affairs
  • Look after your debts
  • Manage legal proceedings

What restrictions are there?

  • Use their position for personal gain
  • Make large financial gifts
  • Pay themselves a fee (unless authorised)
  • Mix your finances with theirs
  • Tax planning (without authority)

Health and welfare POA

What can they do?

  • Make decisions about your daily routine
  • Make decisions about your medical care and sign medical consent forms
  • Decide where you live
  • Make decisions about life sustaining treatment

What can’t they do?

  • Make decisions that restrict your freedom
  • Make decisions if a living will has been made

Your power of attorney’s responsibilities

If you only wish your power of attorney to be able to make decisions about certain things, you should speak to your solicitor and make sure that the details of what your appointed person should and shouldn’t be given authority to deal with are drawn up very carefully.

As a rule of thumb, your power of attorney should always consider what is in your best interests and what you would want if you were making your own decisions.  If It is possible for you to make all or some of a decision by yourself, then it is your lasting power of attorney’s responsibility to make sure that you are able to do so.

Your power of attorney will not be able to start making decisions on your behalf until they have been registered with the Office of the Public Guardian.

To find out more about the role of a power of attorney and how to register one, give our experts at Mark Reynolds Solicitors a call on 0800 002 9577.

writing a will

More People Assigning Lasting Power of Attorneys As Life Expectancies Rise

As average life expectancies rise, a record number of people are choosing to assign friends or family members the status of lasting power of attorney.

According to an article in the Independent, almost 750,000 people are now assigning a lasting power of attorney each year. This number has gone up by 180% over the last five years.
Lasting power of attorneys are people trusted by an individual to have the legal authority to make decisions concerning their money and property if they become mentally incapacitated.

What’s causing the rise?

The rise in the number of lasting power of attorneys assigned each year is said to be caused by longer life expectancies.
According to the ONS, the most common cause of death in 2016 was dementia and Alzheimer’s disease. Because we’re now living longer than ever, we are more likely to live to an age where we may lose the ability to safely look after our finances or make our own major life decisions.
In an aging population, some women from older generations remain inexperienced at looking after their own finances, as they come from an era where this was stereotypically seen to be the husband’s role.
On average women tend to live longer than men, so these women are more frequently choosing to assign a trusted lasting power of attorney to assist with important decisions as they get older.

What happens without a lasting power of attorney?

Having a lasting power of attorney can offer you peace of mind that should you lose the capacity to make your own decisions, your affairs will be in the safe hands of someone you trust.
Assigning a power of attorney can also relieve stress from loved ones during what is already a difficult time.

Without a lasting power of attorney, if a person loses the capacity to control their own affairs, you could find that:
• Someone unsuitable may be given control.
• Bank accounts may be frozen.
• Family members may have to go through a long and costly court process.
• Dependents may be declined money.

When should a last power of attorney be assigned?

The best time to assign a lasting power of attorney is whilst you still have complete capacity to make your own decisions, as a precaution for the future.
If a last power of attorney is assigned whilst you still have the capacity to make your own decisions, you can specify whether you wish for your representative to start helping you straight away, or if you’d prefer them to only begin making decisions in the instance that you no longer have the capacity to do so yourself.
Your lasting power of attorney will need to be registered with the Office of the Public Guardian before they can begin their duties.

For help and advice relating to power of attorney, get in touch with our solicitors here at Mark Reynolds Solicitors by giving us a call on 0800 002 9577.

Medical Negligence

What is Medical Negligence?

Medical negligence occurs when unsatisfactory care is delivered to patients by healthcare professionals and can come in many forms, including misdiagnosis, surgical errors and poor-quality treatment. It can cause injuries that wouldn’t have otherwise happened or worsen existing conditions. Sadly, some people have even passed away as a result of medical negligence.

The compensation you deserve

Most of us will go through life without undergoing medical negligence, but if you have suffered as a result of it, it’s advisable to seek out the justice that you deserve rather than simply putting it down to experience. Medical negligence can be incredibly expensive and may cause you to lose earnings or make costly adjustments to your day-to-day life. At Mark Reynolds Solicitors, we have a great deal of experience to draw upon when it comes to dealing with medical negligence cases. We can help you get the compensation and justice you deserve and can provide you with all the advice and support that you need to reach the desired outcome.

Obtaining justice

Whilst compensation can be extremely valuable, it is not the only reason patients who have suffered from medical negligence come to us. Many clients choose us because they want to ensure the same thing will never happen to another patient, or because they wish to see the healthcare providers in question admit they made a mistake. It’s wise to act sooner rather than later if you are interested in obtaining justice, as the statue of limitations states that you normally only have three years to claim after discovering that you have been a victim of negligence. There are some exceptions to this rule, such as if the negligence occurred before your 18th birthday. If the injured person has a mental disability, it may be possible to claim after the initial three-year period. We can advise you if you are not sure of your eligibility.

Get the best outcome

We work hard to ensure you and others understand the full impact of the negligence you have experienced to strengthen the chances of your claim being successful and always take the time to get to know our clients. We have accreditation from the Action of Medical Accidents and have received legal training of the highest standard. All enquiries about making clinical and medical negligence claims are handled free of charge, and we may be able to provide no-win, no-fee legal assistance. If this is not possible, other funding options may be available.

Getting in touch

Talk to us today if you or a loved one have experienced medical negligence and you need a helping hand in receiving justice and compensation. You can reach us today by calling 0800 002 9577 or by using the contact form on our website. There’s no obligation to go ahead if we think you do have a case, though you can expect us to deliver legal support of the highest standard if you do wish to proceed.

medical appointment doctor healthcare

Clinical Negligence: Where Do You Turn?

Suffering illness or injury due to a mistake or error made when receiving medical treatment can be very traumatic.  In such circumstances, individuals need to know where to turn for help getting the closure on the incident that they often so desperately need.

For most of us a trip to the doctor, hospital, optician or dentist will usually go without incident, but on the odd occasion, unacceptable errors are made by healthcare professionals that result in very distressing experiences for the patient.

If you or a loved one have suffered illness or injury due to a mistake or error made when receiving medical treatment you may be able to receive compensation for clinical negligence, whilst this will not make up for the incident it can help with moving forward.

What constitutes clinical negligence?

Clinical negligence can be applied to a variety of different circumstances including being given the wrong medication, mistakes made during medical procedures and errors made during diagnosis.  Medical professionals have a duty of care to their patients and if this duty of care has been breached and resulted in a patient coming to ‘avoidable harm’ a compensation claim may be made.

When to contact a solicitor

For some people, monetary compensation is not the result that they’re seeking.  It’s important to understand that if you turn to a solicitor then their main objective will be to claim compensation for you.

If you’re seeking a different result such as an apology, answers, a change in procedure, or for an individual to be held accountable, then a solicitor may not be the answer for you.  These kinds of outcomes are more likely to be achieved by submitting a complaint to the organisation in question or one of their regulatory bodies.

Am I eligible to claim?

If you think you’ve suffered due to clinical negligence, then it’s wise to seek advice as soon as possible after the incident.  If you’re going down the solicitor route and looking for compensation, then there are certain timescales for making a claim that you should be aware of.  Most claims should be made within 3 years of the incident, however, there are certain exceptions to this rule that your solicitor can advise you on, these include cases involving children aged under 18 and those with mental disabilities.

Choosing a solicitor

When looking for a solicitor to help with your claim it’s important to check that they specialise in medical negligence claims and that they are trusted and reputable professionals.

Here at Mark Reynolds Solicitors, we are accredited by the Action of Medical Accidents to ensure that we offer our clients the highest level of knowledge and service when dealing with sensitive medical negligence cases.  We are proud to operate professionally and transparently.  Our experience, knowledge and friendly approach are reflected in the online reviews submitted by our happy customers which can be viewed here.

If you feel that you may be eligible for compensation for clinical negligence and would like to speak with one of our friendly experts, please get in touch by calling us on 0800 002 9577.

pension law

How New Pension Laws Will Affect You

It’s rare for a budget to pass without bringing a new raft of changes to the way pensioners can dispose of their money. This is because the treasury is constantly trying to perform a careful balancing act in economically testing times.

A few decades back, the pension-claiming population was dwarfed by the working population, but with children of the post-war baby boom collecting their pensions and those born in a time of lower birth rates contributing the bulk of tax, the population time bomb that’s been muttered about for the last thirty years is beginning to materialise.

What Are the Main Changes in the New Pension Laws?

The biggest headline change in the last couple of years is what the government referred to as ‘pension freedoms’. This affects defined contribution schemes and has advantages and drawbacks for those reaching pension age. Hitherto, your pension pot has always been used to buy an annuity when you reach retirement age. This is where you effectively buy yourself an annual income for the rest of your life. The level of this income is largely dependent on the amount of money you’ve squirrelled away into your pension pot.

Under the new rules, it’s no longer necessary to buy an annuity. Instead of doing this, you’ll be able to draw down your savings. That is, take all, or some of that money out and spend it on something you want. This is great news for anyone with multiple, large, pension pots, but it comes fraught with risk too. Many will be tempted to spend their pension pot in the short term, then struggle on with the state pension for the remainder of their lives.

Defined Benefit or Defined Contribution?

These changes affect those with defined contribution (DC) pension schemes, but there will also be an option for those on defined benefit (DB) schemes to change to DC if their employer allows it. Before doing so, you need to consider whether this is the best thing for you. DB schemes usually come with a measure of inflation proofing and the ability to pass on some of your income to your spouse. They also have advantages if your pension pot is running close to the maximum level.

Passing It On

However, these new rules have major implications for those who wish to pass on their pension pot to their children. Under the new rules, those who die before the age of 75 can pass on the whole of their pension pot tax-free. After 75, they’ll have to pay 45% tax on the pot if they claim it as a lump sum. This is reduced from 55%. Naturally, this will have considerable implications for those making a will or seeking probate.

Where Can I Find Out More?

Naturally, none of this is simple and it’s always good to get legal advice. Come and talk to us at Mark Reynolds Solicitors and we’ll guide you through the implications for your will and probate, as well as other legal implication of the new rules.